August Home Prices Fell 5.1% in SW Florida

Posted on by

Closed median August home prices fell 5.1% in SW Florida year over year. The average home price in Lee County Florida fell 10.9%. Let’s look at some of the factors that caused the fall in home prices.

August Home Prices Fell 5.1% in SW Florida

Official single family inventory levels are up 16.2% over last year. There is some good news though. New listings were down 10.2% and pending inventory is up 3.3% over last year.

Taking Longer to Sell

It is taking longer to sell in SW Florida. The median time to contract (64 days) is up 16.4% and the median time to sell (100 days) is up 2%. This means that homes that are marketed well and correctly priced are going pending in about 64 days.

Many sellers took their home off the market this year. We are starting to see inventory climbing again in September.  It is not unusual to see inventory climb this time of year. My concern is we are starting from a point 12.67% higher than last year. Closed sales were down 2.4% in August, and in September listing inventory is up 12.67% over last year. This is not a recipe for increasing prices anytime soon.

Dollar Volume Fell 13.8%

Dollar volume is the sum of all sales. In August Lee County had a dollar volume of $565.4 million compared to $655.7 million last year. Lower sales and lower prices both played a role in this. Dollar volume is another metric we use to determine the overall health of the market.  Dollar volume fell 13.2% in the condo market as well.

Buyers have not been afraid to bid lower on homes or ask for concessions. Homes sold at 93.3% of list price in August which was down from 95.2% last year. Anything under 94.5% in our experience is another example of a buyers’ market. Current month’s supply of inventory is 6.9 months, which is a buyer’s market.

Good News in Real Estate

There were some good numbers reported. New pending sales are up 14.4% over last year, which could help with official September numbers when they are released. The Ellis Team has placed several condos under contract in the past few weeks, so this could be a sign buyers are accepting condos again. In fact, closed condo sales were up slightly in August, and new pending condo sales were up 5.3%. Year-to-date condo sales are down 7.1%, so this is a welcome change.

Ellis Team sales are up considerably over last year.  This is an indication of two things. Our marketing works harder to sell homes, or more sellers trust the proven track record of the Ellis Team to sell their property when times are tougher. It may be a combination of both, as people tend to be more selective when hiring an agent when markets shift.

How to Sell in This Market

If you have a property you’d like to sell, Always call the Ellis team at Keller Williams Realty 239-310-6500. Brett and Sande have 37 plus years of experience in all kinds of markets, and nobody markets the way we do. Marketing your home matters, especially in a buyer’s market. Or visit www.SWFLhomevalues.com to get a Free and Instant value on your home. Additionally, you can track the value of your home over time, so it’s best to start today.

Good luck, and Happy Selling!

Top Real Estate ChatGPT Questions

Posted on by

I wanted to know the top real estate ChatGpt questions being asked online so I could answer them for this article. I also asked ChatGpt and Gemini, and the number one question for both was “Is Now a Good Time to Buy?”

 

Top Real Estate ChatGPT Questions

I am writing this on Tuesday before the Fed announces their decision.  Here are a few of my thoughts. It is expected the Fed will lower rates by 25 or 50 basis points. That is almost irrelevant because the market has already priced in a rate cut. Mortgage rates have fallen by .15% this week, which is the largest drop of the year. Assuming the Fed cuts rates, I’m interested in two things.

 

  1. How does the bond market respond to the rate cut. The last time the Fed cut rates, the bond market increased rates by the exact same amount as the Fed cut rates. Mortgage rates are based off the bond market, not the Fed, so the bond market must agree with the cut. The good news is the bond market has been leading the Fed, so a 25 or 50 basis point cut shouldn’t scare the bond market.
  2. What is the guidance from the Fed chairman after the meeting? Fed minutes are not released for 3 weeks after their decision. Chairman Powell will give us insight as to the board’s thinking and what led to their decision. It is in these tidbits the bond market and consumers will read into the forward direction of interest rates, the economy, inflation, and labor markets.

 

Top Real Estate ChatGPT Questions

 Let’s answer the #1 question people are asking. In SW Florida, it is a good time to buy. Inventory is high, but not as high as it once was earlier this year. Many buyers have been on the sidelines waiting for rates to come down. Now that rates are coming down, we expect more buyers to jump in. More buyers mean more competition for homes. Buyers don’t like the feeling of having to compete to buy a home. We had that a few years ago and it wasn’t fun for buyers.

We do believe more sellers will place their home on the market as rates come down. This may keep prices from climbing, but it will help sellers finance their next home when they sell their current home. If we have an excellent supply of homes coupled with lower cost of borrowing, that is a good time to buy for buyers. Buyers have good leverage now with sellers, but that may dissipate. In other words, buyers may get their best buy now. Buyers will still get good buys down the road for a while, but they may not be able to negotiate as much in 2026.

Is Now a Good Time to Sell?

ChatGPT said that sellers are asking this question. Inventory is lower than earlier this year. What happens if more sellers decide to sell. More sellers will now be competing for less buyers. This may turn as more buyers get into the market, but the wildcard is how many more sellers will enter the market?

The bottom line is we believe it is a good time for both buyers and sellers right now, for various reasons. That is not always the case. Look at 2021. Was that a good time for buyers? Look at 2024-2025? Has that been a good time for sellers? We are now entering a new time with different circumstances. Nobody knows exactly where rates will go, how long it will take to get there, and what the economy will look like as we go. All we can do is give our opinions on what might happen, and why.

Always call Brett Ellis or Sande Ellis 239-310-6500 for a friendly chat about the market and your circumstances. Or go to www.SWFLhomevalues.com to track your home’s value. It will give you today’s value and track it over time. View our MLS verified Home Sales.

Good luck, and Happy Selling!

Podcast Episode 5- Skills Based Market

Our Latest Episode 6-AI in Real Estate

Price Doesn’t Sell Homes

Posted on by

Price doesn’t sell homes, but being overpriced will absolutely kill a sale. Let me explain further.

A local car dealer advertises that “Our price sells cars.” That may be true for cars, but not for real estate. Let’s say you are a buyer looking for a Toyota Camry. You know the car, the features, and the trim packages. All new car models are built at the same factory, and each car is the same except for the packages and color. As a buyer, why would you want to pay more for a known quantity?

Price Doesn’t Sell Homes

Price Doesn’t Sell Homes

Real estate is different. Even if the home is the same floor plan as another home, it could have been built by different sub-contractors and different materials. Of course, lot values vary as well. There are many more variables in a home than buying a new car.

Agents sell homes. To prove this point, I’ll illustrate a few stories. Another Realtor had a home and the listing expired. The seller called us, and we determined it should have sold and could be listed for more money. We raised the price and sold it quickly. Obviously, price wasn’t the issue. How did we do that?

We marketed the home differently. A lot goes into marketing, from where it is marketed and how often, to changing the perception of the home. Many times, we can spot deficiencies in marketing and know right away why a home didn’t sell. Other times it’s more precarious.

Have you ever noticed that many times the lowest priced home in the neighborhood doesn’t sell? It may be the lowest price, but is it the best value? Often a Realtor has a home that is priced correctly and it still doesn’t sell. In those cases, price isn’t it. Many experts say price fixes everything, and if you go low enough that works. But what if you didn’t have to?

Marketing and Sales Skills

If a home is the best value but nobody knows about it, will it sell? You might ask, with homes listed on the major portals, how in the heck would a buyer not know about it? A buyer may see the home in search, but the buyer doesn’t realize it is a good buy.

Let’s say you’re an employer interviewing recent graduates. 60 graduates have a high GPA. Which student is the best hire?

You might want to know if they all took the same classes with the same professor. You might want to know if their personality matches what you are looking for. Certainly, you’d want to know when they could start, and what salary they were looking for. I’m sure you’ll have many other questions for the candidates, because this is a big decision for your business.

Submit Your Resume

I think you can see the similarities in buying a home. A buyer assigns different values to size, age, location, features, etc. And each buyer is different, much like each professor is different. Students submit a resume to go along with their GPA, because employers don’t hire on GPA’s alone. Buyers don’t purchase on price alone. You must submit a resume on your home, and that comes in the way of marketing.

Lastly, after sifting through dozens of resumes, employers begin interviews. They don’t interview everyone, that would waste their time. They only interview the candidates that they think could work. Buyers are the same. They don’t want to see 100 homes. They whittle down the list to a manageable number of homes they believe could work. Great marketing gets you on their list.

You’ve Won the First Round

Now you must nail the interview. In real estate, the interview is the showing. Does the home show well compared to the competition? Is it priced well for what it offers? Together, you and your agent determine if your home will sell. Can your Realtor answer their questions?

We’d like an Interview

If you’re hiring a Realtor for the job of selling your home, we’d like an interview. Call Brett or Sande Ellis 239-310-6500 We’ll provide a resume (Our Marketing) and discuss how we can get you moved without giving your home away. Always call the Ellis Team and start packing!

Chasing the Market Down

Posted on by

Many SW Florida homeowners have been caught chasing the market down in recent years, and it’s not fun. Sellers remember a few short years ago when the market was more robust. It is hard to let go of what your home used to be worth. Until you sell, that number is just a paper number.

Chasing the Market Down

Chasing the Market Down

It pays to know the direction of home prices when placing a home on the market. In a rising market, you can price higher than the market because in time, the market will catch up to your price. In a steady market, overpricing a home will add time to the listing before it sells and cause buyers to wonder what’s wrong with it. With declining markets, sellers get caught chasing the market down because it sits for a while with little to no showings. When prices are declining there are more sellers than buyers.

After trying the too high price for a while sellers decide to reduce their price, confident it will sell because they are now at market. The reality is they may be at the market of 30 days ago. Today’s market has moved again. Sellers tend to believe the market is frozen in time, and when the seller gets properly motivated, they’ll just reduce to the market and be on their way.

The Target is Moving

The real estate market is a moving target. Sometimes it seems like it stands still but rarely is that true. This is why the Ellis Team spends so much time studying underlying indicators that affect the market. Knowing what the market is doing before everybody else is a giant advantage because you can act and beat the market.

After sellers make that first price drop and they get discouraged. After some time, they make another, then another. At some point they begin to wonder if it’s the price or the marketing. A natural thing to do is blame the Realtor. When we take over expired listings, we identify why a property did not sell. Was it marketing? Was it the price? Who selected the price, and what rationale did they use?

AI Super Prompt

The Ellis Team studies pricing and marketing of the expired listing. We also have an AI super prompt that will help identify why a property did not sell and offer alternative marketing solutions that were not employed by the previous Realtor. Price plays a critical role, but so does marketing. In a shifted market, pricing it correctly may not sell it. When so many homes are on the market, you’ve got to do something to make a home stand out. Our AI program, along with decades of experience, helps the Ellis Team sell homes in a shifted market. If you have a home that did not sell, give us Brett or Sande Ellis a call. 239-310-6500 The Ellis Team has doubled our sales in 2025 from 2024 because of our marketing and pricing expertise. If we can agree that the market is a moving target, you might want to see the early indicators of where the market is heading next. Your home is a big financial decision, and knowledge is critical.

Stock Market Genius

Imagine if you had money in the stock market and were able to hire a person who had inside knowledge before anybody else. It would pay to use that person because you would be ahead of the market. You would have an unfair advantage, but it would be great. The same is true in real estate. You have someone with knowledge before anyone else. Our market research and experience have helped Ellis Team clients stay ahead of the market.

Get an instant online home value at www.SWFLhomevalues.com or call Sande and Brett. We’re here to help.

Ellis Team Commercials Then & Now

SW Florida Inventory Gap Decreases Below 6,000

Posted on by

The single-family SW Florida inventory gap has decreased to 5,631 homes in late August, down 7,329 back in February. The gap is the difference between available inventory and pending sales.

SW Florida Inventory Gap Decreases Below 6,000

SW Florida Inventory Gap

There are three ways the gap can narrow. Demand can grow by outpacing new homes entering the market is the first. Secondly, less homes can enter the market. And third, homes can expire or be taken off the market which lowers supply. They didn’t sell; they just disappeared like a UFO.

In Lee County, the primary reason that gap is narrowing is the third option. Many sellers are taking their home off the market and giving up. Some sellers will rent their home out while others will just stay in their home. Their home may not suit their needs, but they are not motivated to make that move right now for their own reasons. Many are financial reasons. For many, they may need to net a certain amount for their next down payment. As equity vanishes, so does their down payment.

Of course, people can get into their next home with less down payment, but at what cost? Interest rates are high compared to what they were four years ago. It may not make sense to put a low amount down and financing a new home at a higher rate.

Ego

For others it is ego. We’ve heard many people say I don’t lose money on real estate. One way to do that is to never sell for less than you paid for a property. You may have to hold onto it for a while, but so long as you can afford the property you’re in, you don’t have to sell. Even though some homeowners would benefit from buying their next property at a discount compared to a few years ago, the thought of selling for less than they want forbids them from making that decision.

How do you justify what is the correct decision for you? I would start by calling your trusted Realtor. The Ellis Team are SW Florida property experts in Lee County. We specialize in Fort Myers and Cape Coral, and all of Lee County. There are other great Realtors as well. Just Google the Realtors you are considering speaking with and you’ll gain valuable insight.

Select a Trusted Realtor Expert

Once you select a Realtor, invite them over for a candid conversation. Talk about what your home is worth. Not what you want for it. Lay out the cost of keeping your home. This includes mortgage payment, insurance, and all fees like lawn, pest control, electricity, water, sewer, HOA fees, etc. Homeowners are often surprised at the total cost of owning their own home. Once you know those numbers, decide where you would go.

We need to look at how much you would earn if you put your equity in the bank, invested it, or plopped it down on your next home. How much will your next home cost per month? Is it newer, and will it have less maintenance costs going forward? Will the next home appreciate more rapidly than your current home.

The answers to these questions can make your decision much clearer. If your current home will appreciate at 2% and have a lot of ongoing maintenance and your next home appreciates at 4% with less maintenance, it’s costing you money to stay.

Call Brett or Sande Ellis

Brett Ellis and Sande Ellis are SW Florida property experts. We don’t try to sell you anything. We’ve built our reputation on offering solid advice and let you make the best decision for you and your family. We can be reached at 239-310-6500

Or visit www.SWFLhomevalues.com Our site will give you a free online estimate of your home’s value. Sande or Brett can validate it for you and see if it sounds right to you, but that is a good first step.

Enjoy your Labor Day weekend, and Happy House Selling!

Southwest Florida Real Estate Market Update August

This real estate market report is brough to you by the Ellis Team, SW Florida’s top real estate team and voted Best in Fort Myers and Cape Coral by News Press readers.

Gulf Coast Real Estate Insiders Podcast

Check out our new podcast, the Gulf Coast Real Estate Insiders Podcast

Our latest episode 3 covers surviving tough markets and AI in real estate.

August 2025 Southwest Florida Real Estate Market Trends | Ellis Team at Keller Williams

Posted on by

The August 2025 Southwest Florida housing market continues to adjust as higher inventory levels, slower pending sales, and elevated interest rates reshape the playing field for both buyers and sellers. In this month’s Future of Real Estate Update, Brett Ellis of the Ellis Team at Keller Williams breaks down what the numbers really mean for Fort Myers, Cape Coral, and Lee County homeowners.

Watch the Full Market Update Video

Watch on YouTube

Key Market Insights – August 2025

  • Pending Sales: Down 9.6% year-over-year, showing softer buyer demand.

  • Inventory: Active listings remain 26% higher than last year, though some sellers are pulling homes off the market due to pricing.

  • Median Home Price: Now $375,000, down 5.1% from last year.

  • Average Home Price: $482,249, down 6.9% year-over-year.

  • Closed Sales: Down 2.4%, dipping below 2019 and 2024 levels.

  • New Pending Sales: Down 3%, reflecting the drag of higher interest rates.

What This Means for Sellers

If you’re considering selling, timing is everything. Many homeowners pulled listings when prices weren’t favorable. But as soon as interest rates ease—potentially this fall—those same sellers may flood back into the market.

Advice for Sellers: Beat the rush. Listing before October could help you avoid competing with 20–30% more homes later in the year.

What This Means for Buyers

Buyers currently hold strong negotiating power. Prices are softer, insurance costs are trending downward, and sellers are more open to concessions.

Advice for Buyers: Lock in today’s pricing and concessions. If rates drop, you can refinance later. If rates rise, you’ve secured today’s lower rate. It’s a no-lose scenario.

Bottom Line

  • Sellers: Act now before inventory surges again.

  • Buyers: Don’t wait for perfect conditions—leverage today’s market while you still can.

The Ellis Team has consistently outperformed the broader market by combining data-driven strategies with innovative marketing. Whether you’re buying or selling in Fort Myers, Cape Coral, or Lee County, our family team is here to help you succeed.

✅ Next Steps

Best SW Florida Homeowner’s Association Values 2025 Video

Posted on by

What are the best SW Florida homeowner’s association values in 2025? We’re about to tell you, but first we must explain how we calculated the values.

This isn’t about neighborhoods with the best home values. We are analyzing neighborhoods by the amenities and maintenance items they provide against the fees they charge. That’s it. Home prices are a separate issue.

Many homebuyers ask us what the HOA fees are because they are concerned about the total cost of ownership on an ongoing basis.

How did we Calculate this?

We downloaded all the single-family home listings for sale in Lee County directly from the MLS. Next, we performed a sophisticated data analysis which analyses all the amenities and maintenance fee items for all the homes. Our system assigns value for what each item costs. For instance, in last week’s article we calculated cable tv added $35 to the cost of an HOA fee if the association provides cable. Similarly, lawn and landscape maintenance would add $131 if the association provided it. These numbers may be different than what you could negotiate on your own but rather the cost to the association HOA bill.

We specifically asked for associations that charge more than $2,500 for the year. Many small associations don’t offer many amenities and therefore don’t charge very much. We thought this list would be more meaningful analyzing those that provide more services.

Best SW Florida Homeowner’s Association List for 2025

Sandoval leads the list, followed by Pelican Landing and River Hall for providing outstanding value. Several notable neighborhoods made the list. Remember, this is the Top 20 list. Your neighborhood may provide excellent value too and may be just outside the Top 20. The system may not be perfect either. Many subdivisions include multiple listings. What happens when an agent lists the fees as x and another agent lists them as y? Additionally, HOA fees change throughout the year. Homes listed in January may have different fees than those listed later in the year. Our analysis does a pretty good job of averaging those fees when discrepancies occur in the same neighborhood. Our analysis is dependent on the data input to the MLS, which is better than sites like Zillow and Realtor.com However, it may not be perfect.

Best SW Florida Homeowner’s Association Values 2025

Think Like a SW Florida Home Buyer

If nothing else, this analysis may help you and your community think like a buyer. In doing so it may help you control costs. Your board should ask itself before every decision, does this thing we’re offering bring value for the amount we must charge? Are there ways to substitute amenities, or hire vendors at lower costs?

Brett and Sande Ellis are top agents in the SW Florida real estate market, and we hear buyers and sellers comment all the time how much they love or hate their HOA. Providing amenities people want at a cost people accept is key. Many neighborhoods inherit the amenities provided from the developer. Other communities cancel one type of amenity and add a newer one. Pickleball is a newer amenity that wasn’t prominent 10 years ago.

Our website www.LeeCountyOnline.com lets you see the HOA fee. Remember, there can be other fees like one-time fees or restaurant and clubhouse fees. Be sure to ask your agent for the total recurring fees on a property. Our agents can provide this information.

Find out Your SW Florida Home’s Value

Simply go to www.swflhomevalues.com and you’ll get an instant online analysis for Free. Or call Brett or Sande Ellis at 239-310-6500. We’ll help you make a good decision.

Good luck and Happy House Hunting!

Introducing our Gulf Coast Real Estate Insider Podcast

Brett and Sande Ellis are top agents and real estate insiders with over 37 years of experience in the industry. Having sold over 5,000 homes in Lee County Florida brings us a wealth of experieince. We’ve been fortunate to meet a lot of top agents throughout the country, and we look forward to sharing our knowledge and that of other Top Agents and industry insiders on our new podcast Gulf Coast Real Estate Insider.

Buyers Consider Total Cost of Ownership

Posted on by

Buyers consider total cost of ownership when making real estate purchasing decisions. High mandatory fees repel buyers in today’s market unless true value is present. Buyers today are concerned about affordability and what their property is going to cost on a yearly basis.

It’s not just the purchase price that’s on the buyer’s mind. They want to know what it’s going to cost to hold the property. This includes insurance, homeowner’s fees, maintenance, taxes, and financing if applicable. Interest rates have obviously affected total cost of ownership, but it seems like everything has risen all at once.

Buyers Consider Total Cost

The first questions buyers ask are what are the age of the roof, air conditioner, and water heater. The next questions they ask are what the taxes and flood insurance are, and what are the ongoing association fees. In fact, some buyers start with the ongoing fees first and eliminate neighborhoods where the fees are higher than they like.

Condo and homeowners’ associations are faced with the difficult task of making hard choices. The higher the rate, the less desirable their neighborhood will be in some buyer’s eyes. Some associations pay for items like lawn maintenance while others let the homeowner themselves pay for it. We see group contracts for cable TV or internet which can lower the cost if everyone is included in the contract, while not everyone may want that. 2nd homeowners may object because they do not use the service year-round and don’t wish to pay for cable TV or Internet for 12 months.

Back in College

 When I studied Finance back in college, we studied the correlation between multi variable equations. This was helpful in assigning a value to a variable, if there was a correlation. I used that equation to study all the sales in SW Florida in 2024. I was able to isolate each amenity or maintenance fee cost and assign a value to each item that had a high correlation. The reason I did this was because I wanted to know if a neighborhood includes certain amenities, is it good value. Because each neighborhood offers different things and has different fees, I had to use this advanced equation to solve for the standard values.

The results are in. We isolated how much an amenity or maintenance fee item adds to the average cost of a HOA or condo bill per month. For instance, lawn/land maintenance averages $131.97 per home in 2024 if it’s included in the HOA fee. Cable TV added $35.15. A community pool added $67.38

Comparison Shopping

A buyer generally adds up the amenities that are important to them and looks at the HOA fee and decides if the community is a good value to them. It’s almost impossible to calculate for a buyer because it’s not always apples and apples. Each community includes different things, so a buyer goes by feeling and total cost. They want certain things, but there is a limit to how much they want to pay to receive them.

Buyers Consider Total Cost of Ownsership

Because the Ellis Team has all this data, we can now ask if a certain subdivision is a good value relative to the amenities it offers and what the maintenance fee covers. Buyers consider total cost of ownership for the amenities they prefer.

Neighborhood Query

For fun, I asked if Reflection Lakes was a good value for the amenities it offers and what the HOA charges.  Here is the result: “Based on the data, Reflection Lakes rates as a good value.

The average cost per amenity/maintenance item for Reflection Lakes is $212.47, which is lower than the overall average of $319.11 for all other properties in the dataset. This suggests that you get more amenities and maintenance services for your recurring fees compared to the average property.”

We can ask neighborhood by neighborhood if the amenities they offer compared to what the HOA charges are a good value. The results might surprise you.

Next week we’ll publish the top HOA values in Lee County based upon the monthly HOA cost versus amenities provided. If you’d like us to lookup your neighborhood, simply comment on this article over on our Blog at https://blog.topagent.com

We hope you enjoy this analysis. To search homes on the MLS, check out www.LeeCountyOnline.com or get your home’s property value at www.SWFLhomevalues.com

 

HOA Fees Video Analysis

Debunking Real Estate Myths-What Everyone Needs to Know

Posted on by

Today we are debunking real estate myths and discussing what buyers and sellers need to know.

Debunking Real Estate Myths

Debunking Real Estate Myths in Fort Myers/Cape Coral 

The Southwest Florida real estate market, particularly in the Fort Myers and Cape Coral areas, is a unique and dynamic landscape. While the sun shines brightly, a few persistent real estate myths can cast shadows on what can be a smooth and successful transaction. Let’s shine a light on the truth and debunk some of the most common myths specific to our beautiful Gulf Coast.

 

Myth #1: Property Insurance in Florida is Impossible to Get and Unaffordable

 

For anyone considering a move to Southwest Florida, the topic of property insurance often comes with anxiety. The myth is that due to past storms and market volatility, securing affordable and comprehensive coverage is a nearly insurmountable hurdle for homebuyers.

 

The Reality: While property insurance has faced challenges, the situation is far from hopeless. Recent legislative reforms and the entry of new carriers have begun to stabilize the landscape, leading to more competitive rates and greater availability. The key is to be proactive. Buyers should work closely with a knowledgeable local agent and an experienced insurance broker. They can help you navigate options and find coverage that meets your needs. Newer homes built to stronger codes also often qualify for more favorable rates. By doing your due diligence and relying on local expertise, you can secure the necessary coverage without breaking the bank.

 

Myth #2: After a Hurricane, Property Values Plummet

 

In a region that has faced the power of nature, it’s understandable that some people fear a long-term negative impact on property values. The myth suggests that after a major storm, the market will collapse.

 

The Reality: History shows that the Fort Myers and Cape Coral real estate market is remarkably resilient. While there may be a temporary slowdown as the community recovers, property values tend to rebound strongly. Our region’s desirability remains a powerful draw. Furthermore, rebuilding efforts often result in newer, more resilient homes, which can actually increase a neighborhood’s overall value. For buyers, the post-storm period can be an opportunity to invest in a revitalized area. For sellers, it’s about showcasing the improvements and resilience of their property and community.

 

Myth #3: All Real Estate Agents Offer the Same Services

 

With countless agents in the area, it’s tempting to think they are all interchangeable. The myth is that an agent’s main job is just to list a property or show a house.

 

The Reality: Not all agents are created equal. A top agent in the Fort Myers and Cape Coral market is a local expert, a skilled negotiator, and a trusted advisor. Their value lies in their deep understanding of local nuances, from flood zones and insurance changes to neighborhood-specific market trends. They have a network of reliable professionals, from inspectors to contractors, and a proven marketing strategy that gets your home in front of the right buyers. Choosing an agent based on experience and local expertise can make the difference between a frustrating transaction and a seamless, profitable one.

 

Myth #4: Cape Coral’s Canal System Means Every Home is a Boater’s Paradise

 

Cape Coral is famous for its extensive canal system, leading many to assume that any home on a canal is a prime spot for a boat.

 

The Reality: While the canals are a major selling point, not all canal homes are created equal. Boaters need to consider several factors, including whether the canal provides direct gulf access. Some canals are freshwater, while others are saltwater with bridges that may be too low for larger boats. It’s crucial for buyers to work with an agent who understands these distinctions and can help them find a property that truly meets their specific boating needs.

Conclusion

Navigating the Fort Myers and Cape Coral real estate market requires more than just a passing knowledge of local trends. By debunking real estate myths, you can approach your real estate journey with confidence and clarity. With the right information and a skilled professional by your side, you can make informed decisions that lead to your real estate success.

Visit www.LeeCountyOnline.com to see all homes in MLS or call us at 239-489-4042

Southwest Florida Home Prices Fell 5% in June

Posted on by

Median Southwest Florida home prices fell 5% in June this year versus last year. Average home prices fell 4.1% year over year.

Southwest Florida Home Prices

Good News? 

Is there any good news with Southwest Florida home prices falling? The answer is yes. This is good news for home buyers. Secondly, we are seeing fewer listings on the market. The gap between the available listings on the market and pending sales has lessened, which creates less inventory. The other piece of good news is pending sales increased last week on single family homes. We saw inventory decrease for single family homes, condos, and manufactured homes across the board.  The real question is what will happen with listing inventory heading into season?

Insurance

We just got word last week that two more carriers entered the Florida market. That’s 14 new carriers that have entered since 2023. Consequently, rates are dropping. 27 companies have requested a rate decrease for policies in effect in 2024 or later. 41 companies have requested no rate hike. Citizens Property Insurance multi-peril policies are down to 9% of all policies in Florida from 16.7% last September. Currently Citizens carries 74.5% of the wind-only policies, down from 80%. Insurance reforms are working, which is driving down rates.

Property insurance lawsuits were down 23% in 2024, and so far, this year they’re down another 25%.

Southwest Florida Home Prices

So, what is the future of Southwest Florida home prices? Prices are still declining. Interest rates haven’t changed much yet, and insurance costs are decreasing. This all helps affordability. As the economy improves it should lead to more home sales.  Last week we wrote about shadow inventory and what that could mean for the future direction of home prices. A lot of variables are working together to influence home prices. These variables are not all working in the same direction, which is typical. When they all work in one direction, we typically see a shift in the market approaching down the road.

Timing the Market

We’ve written in the past about timing the market. (See May 15th article at https://blog.topagent.com)  It’s almost impossible to do this, and anyone who did has had some luck on their side. The May 15th article offers some strategies for those wondering if now is the time to buy or sell.  We might see Southwest Florida home prices decline further, then flatten out until inventory and shadow inventory are depleted.

Buyers are in a strong position here and these positions don’t last forever. Just ask those that wish they would have sold back in 2022. The bottom of the market may be in the next 6-12 months, or not. It’s always better to buy 1-2% before the bottom than 1-2% after the bottom. Prices are the same, but when the market begins to rise buyers get panicked and start buying. This creates competition for the best listings amongst all the buyers now getting off the fence. Additionally, buyers have less leverage with sellers because everybody knows the bottom has passed.

Prices may not rise wildly like they did in Covid, and we had less than 3% interest rates. If you see a home that meets your needs, consider buying it. This market will stop declining and level out until economic forces align to push it. It takes time for economic forces to gather momentum, and we’ll report when we see the first signs of momentum change.

Check out www.SWFLhomevalues.com to track the momentum of the price of your home. If you have real estate questions, reach out to Brett Ellis or Sande Ellis 239-310-6500.

Good luck, and Happy Selling!

Southwest Florida Home Prices Market Update